Bulgaria approves CbC exchange agreement with US
Bulgaria’s Council of Ministers approved the Bulgaria – United States Agreement on the Automatic Exchange of Country-By-Country (CbC) Reports on 17 July, 2024. This automatic exchange of CbC reports will enhance international tax transparency
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Hungary raises financial transaction tax
Hungary has raised the financial transaction tax (FTT) from 0.3% to 0.45% with the maximum tax per payment transaction increasing from HUF 10,000 to HUF 20,000. The FTT rate on cash withdrawals has increased from 0.6% to 0.9%. The new FTT at a
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Netherlands publishes synthesised text of tax treaty with Kazakhstan
The Netherlands’ Ministry of Finance has released the synthesised text of the tax treaty with Kazakhstan, clarifying the impact of the Multilateral Convention on Implementing Tax Treaty-related Measures to Prevent Base Erosion and Profit Shifting
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Belgium releases e-invoicing FAQs, compiles approved software list
Belgium’s Federal Public Service of Finance (FPS Finance) released details about the forthcoming mandatory e-invoicing requirement on 11 July 2024. This e-invoicing obligation will apply for business-to-business (B2B) transactions, starting 1
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Belgium issues decree on new Pillar Two global minimum tax advance payments
Belgium’s Ministry of Finance published the Royal Decree of 7 July 2024 in the Official Gazette on 16 July, 2024. This Decree establishes the guidelines for companies to make advance payments towards the minimum tax under Belgium's Pillar Two
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Luxembourg, Rwanda tax treaty takes effect
Luxembourg's Official Gazette has issued a notice confirming the income and capital tax treaty with Rwanda. It signed their first ever income and capital tax treaty, which entered into force on 14 February 2024. The treaty was signed on 29 September
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Andorra Ratifies First Income Tax Treaty with Lithuania
The Andorran General Council ratified the income tax treaty with Lithuania. The treaty was signed on 17 April 2024. This is the first of its kind between the two countries. Tax treaty ratification is the formal process by which countries
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Netherlands publishes synthesised text of tax treaty with Indonesia under BEPS MLI
The Netherlands’ Ministry of Finance has released the synthesised text of the tax treaty with Indonesia providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion
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Belgium publishes synthesised text of tax treaty with South Africa under BEPS MLI
Belgium’s Ministry of Finance has released the synthesised text of the tax treaty with South Africa providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and
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Italy issues decree for Qualified Domestic Minimum Top-up Tax
Italy's Ministry of Finance announced, on 3 June 2024, the publication of the “Decree of 1 July 2024”. It contains the methods of implementing the national minimum tax or Qualified Domestic Minimum Top-up Tax (QDMTT) provided for in Article 18
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IMF Working Paper: Supporting Venture Capital to Increase Innovation in the EU
On 12 July 2024 the IMF published a working paper with the title Stepping Up Venture Capital to Finance Innovation in Europe, written by N.G. Arnold, G. Claveres and J.Frie. The paper notes that the EU is lagging behind other locations such as
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Austria approves public CbC reporting
Austria's Federal Council approved the CBCR Publication Act (CBCR-VG) on 11 July 2024, following earlier approval by the National Council. This new law aligns with EU Directive 2021/2101, requiring public disclosure of Country-by-Country (CbC)
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Ireland updates R&D tax credit guidance
The Irish Revenue issued eBrief No. 190/24, on 12 July 2024, announcing updates to Tax and Duty Manual Part 29-02-03 – Research and Development (R&D) Corporation Tax Credit to incorporate the amendments to the R&D credit introduced by
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An IMF working paper published on 9 July 2024, written by Maneely Morgan and Lev Ratnovski, looks at the various new taxes on banks introduced by EU countries. The paper notes that since 2022 banks in the EU have been making high profits. These
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Switzerland, Hungary sign protocol to update double taxation agreement
Switzerland and Hungary signed a protocol of amendment to the agreement for the avoidance of double taxation with respect to taxes on income and capital (DTA) on 12 July 2024 at Budapest. It implements the minimum standards for double taxation
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Portugal to approve Pillar Two Directive transposition after public consultation
Portugal’s Minister of Finance Joaquim Miranda Sarmento, has announced the upcoming approval of the project bill for the transposition of the EU's Pillar Two Directive. This decision follows a public consultation period that began on Wednesday,
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Austria passes Tax Amendment Act 2024, introduces changes to VAT
Austria's Federal Council (Bundesrat) approved the Tax Amendment Act 2024 (AbgÄG 2024) on 11 July 2024, following its earlier approval by the National Council (lower house of parliament). The Act introduces several changes, particularly to Value
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Italy enacts law for tax credits for investments in simplified logistics zones
Italy published Law No. 95 of 4 July 2024 in the Official Gazette on 4 July 2024, converting the Decree-Law No. 60 of 7 May 2024 into law, which addresses urgent provisions for the European Union's cohesion policy. One key provision of this law
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